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Join For FreeRelay Banking Review
Relay's low fees are just one feature to like about this business bank account. If you want a high APY, employee cards, and useful integrations, check out a free Relay bank account.
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WRITTEN & RESEARCHED BY
Expert Contributor
Last updated onUpdated
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REVIEWED BY
Expert Contributor
Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.
Relay
| Total Rating | 4.5 |
|---|---|
| Fees & Rates4.7 | |
| Services4.3 | |
| Rewards4.5 | |
| Features4.4 | |
| Eligibility Requirements5.0 | |
| Application Process3.9 | |
| Sales & Advertising Transparency4.1 | |
| Customer Service4.3 | |
| User Reviews4.4 | |
Monthly Fee Range
$0-$30/monthAPY Range
1.03%-3.03%Account Types Offered
Checking and high-yield savings accountsRelay At A Glance
- FDIC-insured business checking and savings accounts
- No monthly fees or account minimums
- Auto-transfer rules for asset allocation
Pros
- Multiple checking and savings accounts with high APY
- Debit cards for employees
- Integrations with popular software
- Cash deposits accepted
Cons
- Some features are fee-based
- Up to 7-day delay on funds availability with mobile check deposit
Table of Contents
What Is Relay?
Relay is an online banking and money management platform backed by Relay Financial, a fintech company. Banking services including FDIC insurance are provided by Thread Bank, Member FDIC.
Some of Relay’s perks and features landed this banking platform a spot on two of our top banking lists: the best free business bank accounts and the best business bank accounts for freelancers. So what makes Relay so notable? Let’s dive in.
Services Offered By Relay
| Services4.3 |
|---|
| Banking Services 4.0 |
| Online Portal & Mobile App 5.0 |
Overall, Relay has a solid selection of services, which resulted in a high rating for this review.
Relay Accounts Offered
Value
Checking
Savings
High-Yield Savings
CDs
Treasury Accounts
Relay Rewards & Perks
| Rewards4.5 |
|---|
| Quality & Value Of Earned Rewards 4.5 |
Relay comes in a bit light regarding rewards and perks. For example, you won’t see any valuable partner perks or cash-back rewards on your debit card purchases that you would find with many of the banks on our list of the best online business bank accounts.
You will find a notable 1.03%-3.03% APY on Relay savings accounts. Relay also regularly offers referral bonuses for opening a Relay bank account.
However, Relay has recently released the Relay Visa Credit Card (issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.) This card comes with no annual fees, 30-day payment terms, spend management tools, employee cards, and 1.5% cash back on every purchase. The Relay Visa Credit Card is available to Relay users by invitation only.
Relay Pricing & Fees
| Fees & Rates4.7 |
|---|
| Pricing 5.0 |
| Transaction Fees 4.2 |
| Transparency 5.0 |
Here is Relay’s pricing breakdown:
Relay’s fee structure is simple, and it contains a lot of zeros, earning it a high rating in this category.
Relay Category Fees
Value
Monthly Fee Range
$0-$30/month
Monthly Checking Fee
$0-$30/month
Monthly Savings Fee
$0-$30/month
ATM Fee
None
Overdraft Fee
None
ACH Fee
0%
Incoming Domestic Wire Transfer Fee
$0
Outgoing Domestic Wire Transfer Fee
$10
Incoming International Wire Transfer Fee
$0
Wire Transfer Fee Start Point
$0
Wire Transfer Fee Range
$0-$10
Cash Deposit Fee
$0
Foreign Transaction Fee
1%
Excessive Transactions Fee
None
Stop Payment Fee
$34
Relay Eligibility Requirements
| Eligibility Requirements5.0 |
|---|
| Eligibility Qualifications 5.0 |
| Eligibility Availability 5.0 |
| Eligibility Transparency 5.0 |
Relay’s eligibility requirements are broad and easy to meet, earning it high marks for this section. US corporations, LLCs, partnerships, and sole proprietorships can use Relay. There are no revenue requirements, minimum credit score, or other barriers to accessing Relay’s banking services.
| Requirement | Eligibility |
|---|---|
| Business Type | All |
| Credit Score | N/A |
| Location | Non-citizens allowed if business is US-based |
| Savings Account Minimum | $0 |
Relay stands out from its competitors in the business banking field by accommodating non-US citizens, too. Citizens and residents of more than 200 countries can use Relay’s business banking services, as long as their business has an operating presence in the US.
If your business deals with cryptocurrency, firearms or weapons, credit repair, privately owned ATMs, money services, unlawful internet gambling, or cannabis sales, you will not be eligible to bank with Relay.
Relay Features
| Features4.4 |
|---|
| Transaction Types Supported 5.0 |
| Transaction Limits 4.0 |
| Standard Banking Features 5.0 |
| Finance Management Features 3.0 |
| Extras 5.0 |
Relay offers many of the business banking features you’d expect to find but with a few very unique features thrown in.
Relay allows for 20 checking accounts and two savings accounts, so you can have the flexibility to organize and manage your finances. Relay also is the official banking platform for Profit First Professionals and has several built-in savings automations to help businesses stay profitable and meet savings goals.
Relay integrates with QuickBooks Online and Xero.
Relay is lacking a bit when it comes to other finance management features and has some lower starting transaction limits for certain transaction types that could be problematic for some businesses.
Here are some of the additional features you can find with Relay:
Relay Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
Transaction Limits & Processing Times
Like all banking service providers, Relay puts some limits on the availability of funds deposited into your account. The good news is that you can request transaction limit increases within the Relay app.
Here is a quick overview of the basic transaction limits associated with Relay:
| Transaction Type | Processing Time | Limits |
|---|---|---|
| Cash Deposit | Next business day | $1,000/transaction, $2,000/day |
| ACH Transfers | 1-2 business days | $20K/day, $50K/month |
| Wire Transfers | Varies | No limits |
| Mobile Check Deposit | Within 6-7 business days |
Relay Application Process
| Application Process3.9 |
|---|
| Ease & Transparency Of Application 2.6 |
| Application Timeline 3.0 |
| Opening Deposit Requirements 5.0 |
Relay doesn’t disclose much information on its application process, which lowered our score for this section. You can expect to have to prepare the standard documents required to open a bank account.
The good news is that once you submit your application online, the application processing time takes 1-2 days so long as you provide all of the documentation. There’s no opening deposit required, and you can start ordering virtual cards as soon as you’re approved.
Relay Sales & Advertising Transparency
| Sales & Advertising Transparency4.1 |
|---|
| Sales Practices 4.0 |
| Web Presence 4.7 |
Relay has a relatively straightforward website and discloses most information on the site itself or in its detailed FAQ bank. Customers have relatively good things to say about Relay’s sales ethics and practices as well, resulting in a solid overall rating for this section.
Relay Customer Service
| Customer Service4.3 |
|---|
| Personal Support 2.8 |
| Self-Service 5.0 |
Relay offers a good variety of support options, including telephone service. Judging from actual customers’ comments on review sites, customer support is a standout feature.
Relay is active on social media, including YouTube, Instagram, Facebook, LinkedIn, and the platform formerly known as Twitter. You can also email, visit the online help center, or access resources from within the iOS or Android app. The only downsides are that there is no dedicated customer support rep and the company’s phone hours could be longer.
Relay User Reviews
| User Reviews4.4 |
|---|
| User Feedback 4.0 |
| Review Site Aggregate 4.6 |
Although you’ll have to look under the parent name, Relay Financial, it’s easy to find positive reviews of Relay’s banking services. Overall, customers have positive things to say about Relay. The company gets a good amount of positive reviews on its mobile apps as well.
There are some complaints, but overall Relay has a strong reputation amongst small business owners.
Negative Relay Reviews & Complaints
- Slow transfer times, especially checks
- Poor service
- Frozen accounts with no warning or explanation
Positive Relay Reviews
- Excellent customer service
- Multiple account options
- No fees
- Easy setup and user-friendly platform
Is Relay Safe?
Relay takes a multi-layer approach to security, protecting users against digital and systemic risks as well as fraud. Relay uses industry-standard encryption to ensure secure and protected data transmission. The platform is continuously monitored using CloudWatch and CloudTrail. Regular regulatory audits and penetration tests identify potential vulnerabilities.
Your accounts with Relay will require two-factor authentication by default. The apps use biometric security measures.
Up to $3 million in FDIC insurance coverage is available for deposits through a sweep program offered by its partner Thread Bank. Debit transactions are covered by Visa’s Zero Liability Protection.
Final Verdict: Is Relay Worth It?
| Transaction Type | Processing Time | Limits |
|---|---|---|
| Cash Deposit | Next business day | $1,000/transaction, $2,000/day |
| ACH Transfers | 1-2 business days | $20K/day, $50K/month |
| Wire Transfers | Varies | No limits |
| Mobile Check Deposit | Within 6-7 business days |
Relay is a standout business banking option that we are happy to recommend to businesses. With a large amount of positive customer reviews, a small amount of fees, and several standout checking and savings features, Relay is a solid choice for small businesses.
Relay may not be the best choice if you want specific perks like cash-back checking or lending options, but if you’re looking for a standard checking and savings account that can grow with your business, Relay is a good option. The addition of the Relay Visa Credit Card is also a nice touch, although it is only available by invitation.
If you want to compare Relay to other online banks, check out our top list of the best high-yield savings accounts or the best business checking accounts for more options.
Content Featuring Relay
Business Banking Review Methodology
Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.
Read more about how we rate business banking products.
When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.
Chelsea Krause
Expert Contributor
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
View Chelsea Krause's professional experience on LinkedIn.
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